## Answers

Effective annual Interest rate | = | 10% | |

Workings: | |||

Initial Investment (P.V) | = | $ 27,72,550 | |

Face Value | = | $ 30,00,000 | |

Interest rate (r) | = | 8% | |

PMT ($3000000 X 8%) | = | $ 2,40,000 | |

Period (n) | = | 5 | year |

Under continuous compounding: | |||

Effective annual Interest rate | = | =Rate(5,240000,-2772550,3000000,0) | |

= | 10% | ||

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